According to the Emurgo Africa report, Africa’s cryptocurrency market grew by over 1200% between 2020 and 2021, signifying that blockchain and crypto assets are increasing in popularity across the African continent.
The adoption of crypto in Africa is reported to be progressive, with Kenya, Nigeria, and South Africa ranking in the global top 20 for crypto adoption.
Amongst other info on the report, it was revealed that blockchain funding across Africa increased by 1,668% between 2021 and 2022, indicating that the adoption of blockchain technology by African countries is the fastest in the world.
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The report also sheds more light on Web3 adoption in Africa, revealing that the advent of Web3 technology is not only revolutionizing the digital landscape in Africa but also unlocking the continent’s untapped potential as a hub of soft power influence.
Kenya, Nigeria, and South Africa were reported to have a high uptake of Web 3.0 technologies and ongoing stakeholder conversations regarding policy development and regulation of digital currencies.
These three countries received a total of USD 88.5 million (70%) of blockchain funding in Africa in 2021.
In Nigeria, the state of Web3.0 is gaining increased acceptance, which has seen the country with a growing number of blockchain startups and organizations, such as the Stakeholders in Blockchain Technology Association of Nigeria (SIBAN).
In a bid to utilize blockchain technology for the review and implementation of remittance solutions, the Central Bank of Nigeria (CBN), is seeking to engage relevant stakeholders.
It is worth noting that due to the increase in the adoption rate of Web3 in Africa, Venture capitalists have taken notice of it and have continued to invest heavily in the industry. This has led to the emergence of two Web3 unicorns in Africa.
Africa now has a staggering growth rate of 429% which demonstrates the growing recognition of Africa’s potential as a driving force behind Web3 innovations.
As Africa’s Web3 Soft Power continues to gain momentum, the continent’s influence, and transformative potential are poised to reshape the global landscape, creating a more connected and inclusive digital future for all.
Web 3.0, which is often associated with blockchain technology, cryptocurrencies, and decentralized applications, has continued to gain momentum in Africa.
While the adoption of Web 3.0 technologies is still in its early stages, there are several notable trends and developments related to its growth in the continent.
Global cryptocurrency exchanges such as Binance, Luno, and several others have expanded their services in the region, providing access to digital assets.
Also, African governments and regulatory bodies are gradually developing frameworks and guidelines for the blockchain and cryptocurrency industry, which is crucial for investor confidence and the sustainable growth of the sector.
Notably, the growth of Web 3.0 in Africa reflects the continent’s increasing participation in the global blockchain and cryptocurrency ecosystem.
The technology has the potential to address a range of challenges plaguing the continent, which includes improving financial inclusion, enhancing supply chain transparency, and providing innovative solutions to longstanding problems.
However, the space is still evolving, and careful consideration of regulatory and security aspects is crucial for its sustainable development.